Practices done on the day of eid

Assalamu alaikum,
Respected Mufti Sahab, I would like to know that here in India, people on Eidul Fitr after the namaz when return home they greet family members and hug etc. They also give money to their young one of the family and to other relations as well.

1. So I would like to know from the Islamic point of view is this Sunnat, like giving gifts and money to young ones and it is especially done only on Eid and not any other day. So how is this giving of money to children and young ones. Is it proved in Shariah? What validity does it holds?

2. Should one do these things or stop it. You know stopping all these things like hugging and doing muanqah and musafa on Eid days in India is common and prevalent from ages and to put a stop to it all off a sudden will cause others to get offended and even cut relations and they might think and say ” that suddenly you have beccome pious and trying to avoid things which have been done for centuries and from even Ulemas and other people. ” So I will have no answers. What is the way out?

1) It is not Sunnat but it is permissible if not regarded as part of Shariat.
2) To regard 'musafa' and 'munaqah' as Sunnat or necessary after Eid Salaat is Bid'at. Avoid doing this. Just simply walk away.